Cointelegraph points to changes in the year-end BTC pattern after 2021
"The 'Santa Rally' pattern is a thing of the past... The year-end will continue to be a bearish pattern after 2021"
Volatility is warned due to the expiration of a 26 trillion won futures contract on the 27th
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Bitcoin started to decline after the hawkish message from the US Federal Reserve last week, and is fluctuating around the $94,000 level on the 24th. Bitcoin has fallen about 15% from its all-time high recorded this year.
Previously, Bitcoin investors had expressed great expectations for the Santa Rally in 2024. This is because Bitcoin has recorded a brilliant Santa Rally without fail in the years when the event occurred.
However, as Bitcoin failed to show a significant rebound on 'Christmas Eve' on the 24th, it was forecast that it would be difficult to expect the Santa Rally this year.
Cointelegraph, a media outlet, pointed out that there has been no Santa Rally for Bitcoin after 2021. In particular, it cited the case of Bitcoin setting a new all-time high in 2021, forecasting that Bitcoin will not follow the same pattern as the previous bull market when the event occurred.
In fact, Bitcoin recorded an all-time high of $69,210 in November 2021, but its price fell by about 26% compared to the all-time high during the Christmas season that year.
Furthermore, Cointelegraph presented futures market data as evidence that Bitcoin prices could face significant volatility at the end of the year. It analyzed that a large amount of positions will be unwound on the 27th as a large-scale futures contract expires.
According to data from the on-chain analysis platform CoinGecko, $18 billion (about 26 trillion won) worth of Bitcoin and futures and options contracts will expire on the 27th.
Bitcoin recorded $94,312 as of 2 pm on the 24th based on CoinMarketCap.
